Forbes & Company Limited (FORBESCO.BO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-97.7%

₹6.64

vs ₹287.00 price

Levered DCF

₹137.60

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	30.06×	3.17×	-142.91×	1.59×	0.05×	-0.84×	-0.09×	13.12×
P/B	2.02×	1.77×	4.54×	1.35×	2.49×	-0.46×	-0.33×	0.35×
P/S	5.29×	1.95×	5.06×	6.52×	0.43×	0.07×	0.01×	0.03×
EV / EBITDA	17.86×	13.7×	21.9×	-9.73×	9.38×	3.4×	-7.73×	7.38×
Gross margin	32.2%	29.7%	30.3%	54.3%	64.4%	53.3%	60.7%	21.4%
Operating margin	9.4%	22.6%	-7.5%	-120.2%	-3.0%	5.2%	-3.1%	2.5%
Net margin	17.6%	61.6%	-3.5%	410.7%	846.0%	-8.5%	-12.0%	0.2%
Current ratio	2.32×	1.61×	0.87×	1.1×	0.73×	0.67×	0.62×	0.72×
Debt / equity	0.03×	0.02×	0.04×	0.04×	3.33×	-3.44×	-12.9×	4.07×
Interest coverage	11.05×	84.87×	-5.88×	-5.72×	-0.37×	0.89×	-0.86×	0.8×
Dividend yield	0.0%	0.0%	0.0%	27.0%	0.0%	0.0%	26.2%	4.0%
Payout ratio	0.7%	0.0%	-0.2%	42.9%	0.0%	-0.0%	-2.3%	52.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.7%	55.9%	-3.2%	85.4%	4893.5%	55.1%	368.2%	2.6%
Return on invested capital	2.4%	13.1%	-5.2%	-22.2%	-3.6%	10.1%	-6.2%	-1.1%
Return on assets	5.3%	40.3%	-1.1%	27.4%	530.6%	-3.8%	-11.8%	0.2%
Free cash flow yield	-1.4%	-3.4%	-3.2%	12.9%	65.7%	521.8%	466.7%	157.1%
Earnings yield	3.3%	31.5%	-0.7%	63.0%	1963.5%	-119.1%	-1116.2%	7.6%
Enterprise value	₹3.9B	₹3.8B	₹6.2B	₹2.8B	₹4.9B	₹4.9B	₹11.3B	₹10.9B
Net debt / EBITDA	-0.68×	-0.34×	-0.51×	0.98×	5.23×	2.95×	-7.53×	6.76×
Cash conversion cycle (days)	4	-7	356	2,001	311	133	164	121